Question 1

Can I use both 1099 and business income to qualify?

Accepted Answer

Bank statement loans handle mixed income better. They capture all deposits, not just 1099-sourced income.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Most non-QM lenders want at least 10-20% down. Exact requirements vary by lender and borrower profile.

Question 3

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640. Stronger scores get better pricing on both loan types.

Question 5

Which loan closes faster in Novato?

Accepted Answer

Timelines are similar. Having clean bank statements or 1099s ready upfront speeds up both.

Question 6

Can I use a 1099 loan if I also have W-2 income?

Accepted Answer

Yes. Lenders can blend W-2 and 1099 income. A bank statement loan may still qualify more income overall.

1099 Loans vs Bank Statement Loans in Novato